Common use of Purchase of Receivables; Payment of Purchase Amount Clause in Contracts

Purchase of Receivables; Payment of Purchase Amount. For any purchase of a Receivable by the Servicer under this Section 3.3, the Servicer will purchase the Receivable by paying the Purchase Amount on the Business Day before the Payment Date (or, with satisfaction of the Rating Agency Condition, on the Payment Date) related to the Collection Period in which the Servicer made the extension or modification on the Receivable, had knowledge or received notice of the breach or determined the need for purchase or, at the Sponsor’s option, on or before the following Payment Date, unless the breach is cured in all material respects before that Payment Date. If Ford Credit is the Servicer, it may pay any Purchase Amounts according to Section 4.3(c).

Appears in 33 contracts

Samples: Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2022-A), Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2022-A), Sale and Servicing Agreement (Ford Credit Auto Receivables Two LLC)

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Purchase of Receivables; Payment of Purchase Amount. For any purchase of a Receivable by the Servicer under this Section 3.3, the Servicer will purchase the Receivable by paying the Purchase Amount on the Business Day before the Payment Date (or, with satisfaction of the Rating Agency Condition, on the Payment Date) related to the Collection Period in which the Servicer made the extension or modification on the Receivable, had knowledge or received notice of the breach or determined the need for purchase or, at the Sponsor’s 's option, on or before the following Payment Date, unless the breach is cured in all material respects before that Payment Date. If Ford Credit is the Servicer, it may pay any Purchase Amounts according to Section 4.3(c).

Appears in 20 contracts

Samples: Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2024-D), Sale and Servicing Agreement (Ford Credit Auto Receivables Two LLC), Sale and Servicing Agreement (Ford Credit Auto Owner Trust 2024-C)

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Purchase of Receivables; Payment of Purchase Amount. For any purchase of a Receivable by the Servicer under this Section 3.3, the Servicer will purchase the Receivable by paying the Purchase Amount on the Business Day before the Payment Date (or, with satisfaction of the Rating Agency Condition, on the Payment Date) related to the Collection Period in which the Servicer made the extension or modification on the Receivable, had knowledge or received notice was notified of the breach or determined the need for purchase or, at the Sponsor’s option, on or before the following Payment Date, unless the breach is cured in all material respects before that Payment Date. If Ford Credit is the Servicer, it may pay any Purchase Amounts according to Section 4.3(c).

Appears in 4 contracts

Samples: Sale and Servicing Agreement (Ford Credit Auto Receivables Two LLC), Sale and Servicing Agreement (Ford Credit Auto Receivables Two LLC), Sale and Servicing Agreement (Ford Credit Auto Receivables Two LLC)

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